The AUD/USD fell initially during the session on Friday, but as you can see below the 0.90 handle we found enough support to cause the market to bounce and form a hammer. This hammer of course suggests that the market is going to go higher and we are going to continue in the consolidation area between the 0.90 handle on the bottom, and the 0.93 handle on the top. A break of the top of the candle from Friday, we think that a short-term buying opportunity is presenting itself. Ultimately though, the Federal Reserve and its tapering or lack of will drive the Australian dollar.
Written by FX Empire